Ugg, Really Ticked At My Bank Right Now. Decline With Excellent Credit?
I own a small business, 30 employees and gross sales over $2.2 million a year. I have been in business for 10 years. I have been with my current bank now for 3 years and I run an average of $150K a month through my checking account at that bank, the other amount goes through my Paypal account. I have one loan with my bank and it has never been late and is past 50% paid off.
I applied for a small lease of $35K and I was declined for "derogatory credit"
My credit score last month was 715, so I just ran it today and it is 724. How much better can I get it??? What an insult.
No my only downfall is 4 years ago things where a little tighter and I let a few payments slip, my credit fell into the 500's for late payments. Once I was aware how bad it got I fixed it. So in 4 years I have not had a late payment, all credit cards are paid off each month and my score has been 690+ for 4 years.
The other kicker is I needed some new manufacturing equipment so I applied for a lease with another company last week that was recommend by the machinery dealer. I was approved for $120K in 15 minutes and in 3 days the machines were paid for.
Why is it our local banks are so ignorant? With millions of dollars a year going through their bank a reject on a $35K lease with low risk credit is an insult.....
Rant over. Thanks for listening.